A influência dos scores ESG no desempenho econômico-financeiro das instituições financeiras brasileiras listadas na B3

Abstract

This study aims to analyze the influence of ESG scores on the economic and financial performance of Brazilian financial institutions listed on B3. The research is based on the premise that, in light of social and environmental transformations, ESG criteria—which encompass environmental, social, and governance practices—have become relevant not only for sustainability but also for their potential impact on companies’ financial performance. The adopted methodology involved the analysis of panel data from 17 financial institutions, totaling 158 observations between 2010 and 2024. Dependent variables such as ROA, ROE, and Tobin’s Q were used, while independent variables included ESG scores extracted from the Refinitiv Eikon® platform, as well as variables related to the composition of boards of directors. The statistical analysis included assumption tests, Spearman correlation, and random-effects regressions with robust standard errors. The results indicated that the overall ESG index exerts a negative influence on ROE, suggesting that companies with higher ESG performance tend to show lower profitability. The governance dimension also had a negative impact on ROA and ROE, while the social dimension negatively affected ROE. On the other hand, the presence of women on the board of directors showed a positive influence on Tobin’s Q, indicating that gender diversity in top governance contributes to the company’s market valuation. Other variables, such as board size and environmental scores, did not show statistical significance in the estimated models. These findings reinforce the complexity of the relationship between ESG practices and financial performance, indicating that, in the short term, implementation costs may outweigh economic benefits. It is concluded that adopting ESG practices may represent a trade-off between sustainability and profitability. The adoption of these practices should consider the balance between socio-environmental responsibility and economic efficiency, with board diversity being a relevant strategic factor for value creation.